Det Norske Buys Premier’s Norwegian Assets

Det norske oljeselskap ASA has agreed to acquire all UK-based Premier Oil’s Norwegian assets for a cash consideration of USD 120 million on a cash-free, debt-free basis.  

The transaction is subject to the receipt of government approval, and is expected to complete by year-end. 

"Premier’s Norwegian assets comprises the operated Vette development and adjacent Mackerel and Herring discoveries (50 percent interest), a non-operated interest in the Frøy field (50% interest) and seven exploration licences in the North Sea. Premier has 26 employees in Norway," reads a statement released by Det norkse on Monday.  

According to Det norske, a firm with a strong focus on the Norwegian Continental Shelf, the transaction will be funded through existing cash and undrawn debt facilities.

Earlier this month, Det Norske deepened cost cuts and raised output forecasts on low oil prices. It also reported EBIT for the third quarter at -91 million USD.